On Some Factors Contributing to Entrepreneurial Economic Success in South-West, Nigeria: An Empirical Approach

Abstract

This essay explores the elements that lead to the financial success of entrepreneurs. In particular, it conducted an empirical investigation into the possibility that factors such as age, religious beliefs, risk-taking, marketing strategies, timely and adequate planning, employees’ commitment, accessibility to working capital, reduced bureaucratic steps on import and export matters, education level, and age and technology infrastructure could influence an entrepreneur’s level of success. The study used a descriptive survey research design. The study’s participants were business owners in the six states that make up Nigeria’s southwest region who operated on a micro, small, and medium scale. The 720 entrepreneurs who made up the study’s sample were chosen through a multi-stage sampling process. A self-structured questionnaire covering all the objectives was used as the data collection tool, and it was administered to a select group of entrepreneurs. In addition to applying non-parametric statistical techniques like the chi-squared test and phi statistic, the collected data were analyzed using descriptive statistics like frequencies, percentages, and graphics. In the R-Studio (Posit) environment, the data analysis operations were carried out. The findings showed that a successful entrepreneurship is greatly influenced by a number of factors, including the availability of operating capital, the degree of employee commitment, technological and infrastructural capabilities, risk-taking, effective marketing strategies, adequate and appropriate planning, educational attainment, and age. Success in entrepreneurship, however, is unrelated to fewer bureaucratic procedures involved in the import and export of goods. It was determined that the bulk of the previously mentioned elements affect any business’s ability to succeed in today’s world. Thus, it was suggested that all tiers of government be counselled to provide funding, among other things, to serious business owners.